In an effort to improve the financial well-being of low-income families, the Local Initiatives Support Corporation (LISC) provides community organizations financial support and technical assistance to operate Financial Opportunity Centers (FOCs). These FOCs provide three main services: financial counseling, employment assistance, and assistance accessing public benefits to supplement income from work.

The Economic Mobility Corporation conducted a quasi-experimental design study to compare program participant outcomes at five centers in Chicago to those of a similar group of job seekers who sought assistance from the city's workforce centers. They also conducted an implementation study. Research questions focused primarily on employment and income outcomes two years after program entry.

The study found that FOC participants, compared to the comparison group:

  • Were significantly more likely to be employed year-round
  • Showed significantly greater positive impact in credit scores
  • Did not show statistically significant improvement in income and net worth

In short, the program demonstrated positive impact on participant financial stability, but not financial gain within the two years studied.

 

Full report

Full Report
FR_LISC Financial Centers Final Evaluation Report.pdf

Further information

Program/Intervention
Financial Opportunity Centers
Implementing Organization
Association House, Instituto Del Progreso Latino, Metropolitan Family Services, North Lawndale Employment Network, The Cara Program
Intermediary(s)

Local Initiatives Support Corporation

AmeriCorps Program(s)
Social Innovation Fund
Outcome Category
Financial literacy
Employment
Study Type(s)
Impact
Implementation
Study Design(s)
Quasi-Experimental (QED)
Level of Evidence
Strong
Researcher/Evaluator
Economic Mobility Corporation
Published Year
2016